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vantage drilling co (VTG) Details

Vantage Drilling Company, through its subsidiaries, provides offshore contract drilling services to the oil and natural gas companies in the United States and internationally. It offers drilling units, related equipment, and work crews under contract to drill oil and natural gas wells. The company also provides construction supervision and operations management services for drilling units owned by others. As of February 28, 2014, it owned a fleet of seven drilling units, including three ultra-deepwater drillships and four ultra-premium jackup rigs. The company primarily serves multinational oil and natural gas companies, government owned oil and natural gas companies, and independent oil and natural gas producers. Vantage Drilling Company was founded in 2007 and is based in Houston, Texas.

vantage drilling co (VTG) Key Developments

Vantage Drilling Company announced that the terms of the Cobalt Explorer construction contract have been amended to defer the second progress payment until July 2015. In consideration of this deferral, it has also agreed to reduce the potential liquidated damages associated with the contract. All other terms and conditions of the construction contract remain in full force and effect.

SKF USA Inc. and Vantage Drilling Inc. have combined resources to improve the reliability of the Vantage Titanium Explorer and Platinum Explorer drill ship fleet. These vessels are designed for operation in the deepest waters of the Gulf of Mexico and other offshore global basins of oil & gas exploration. Based on SKF’s expertise in the application of condition monitoring systems and Vantage’s philosophy of improving the mechanical reliability of its drilling ships, these ships will be equipped with a comprehensive monitoring system for the propulsion and positioning thrusters. SKF undertook a careful study of the thruster mechanical system, including bearings, lubrication, gearboxes and drive motors to design a condition monitoring solution, supported by remote diagnostics services that will provide Vantage with timely information about the mechanical health of their thrusters along with advanced warning of issues that could impact drilling or propulsion system operation. Application of this system coupled with the remote diagnostics services provided by SKF will enable Vantage to comply with American Bureau of Shipping (ABS) guidelines for Condition Based Maintenance procedures. Through the application of these systems and processes, Vantage will now be able to extend the mandatory overall interval required for physical inspection of the thrusters until the operational condition of the asset requires it. This will create a major cost savings over the life of the asset and contribute to significant improvements in operational utilization of the drill ships.

UHY LLP served as Vantage Drilling Company’s independent registered public accounting firm to audit the financial statements and internal control over financial reporting of the company for the fiscal year ended December 31, 2013. The Audit Committee of the board of directors selected UHY to serve as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2014. On December 1, 2014, UHY informed the company that, effective as of such date, its Texas practice had been acquired by BDO USA, LLP. As a result of this transaction, effective December 1, 2014, UHY resigned as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2014. As a result of the UHY transaction, the Audit Committee appointed BDO USA, LLP as the successor independent registered public accounting firm on December 3, 2014.

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